As we approach the end of the year, consider implementing these strategies to maximize and protect your wealth:
- Evaluate your investments: Take time to meet with your financial advisor and review your investment allocations. This is also a good time to max out your retirement plan accounts; including your 401K Plan, Roth ira, traditional ira, and self-employed plans, if applicable.
- Meet with your tax preparer: To discuss any possible tax deferral strategies you should implement before year-end. Such as contributing more to your retirement accounts or looking into investing in other tax deferral products. If you own a business, this is also a good time to determine if additional steps should be taken before year end to minimize your business tax bill for 2022.
- Update your family trust and will: Provide your trust and will attorney with a list of changes made to your assets and new assets acquired during the year.
- Maximize charitable donations: As year-end approaches and tax changes near, now is the time to review smart charitable giving strategies. Both to address philanthropic goals and to maximize tax benefits.
- Create a holiday budget: A holiday budget will help you manage your holiday spending. Stay on track with categories for entertaining, gifts, travel, and more. A holiday budget is your secret weapon for a fun holiday season.
Take some time before the end of the year to implement these recommendations. Reviewing and taking care of your finances at least once a year, will help you achieve your financial goals.
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